US Court Orders FTX’s Alameda Research to Be Repaid $53M Deltec Loan

US Court Orders FTX’s Alameda Research to Be Repaid $53M Deltec Loan

A Delaware-based bankruptcy
court has ordered Deltec International Group (DIG) to repay almost $53 million
to Alameda Research, the crypto hedge fund linked to bankrupt cryptocurrency
exchange, FTX.

Alameda Gave $50M Loan in 2021

The loan repayment is based on
fund owed Alameda Research by DIG under a promissory note agreement. According
to an earlier court document, a total of USD$50 million was paid to DIG by
Alameda on November 4, 2021, through the FTX Trading exchange. The amount was
paid in the form of USDT at a 1:1 ratio to the US dollars.

Furthermore, the court document
reveals that loan was approved by Ryan Salame, FTX Digital Markets’ Co-CEO. The
deal is also said to have involved Norton Hall, a company incorporated in
Antigua and Barbuda.

“DIG shall and is hereby
authorized and directed to pay to Alameda an amount equal to USD 52,859,644 as
of April 12, 2023 (together with interest accruing at the rate of USD 10,538
per calendar day from such date to the date of repayment by DIG, the 'Owed
Amount’) within 7 days of entry of this Order, which Owed Amount constitutes
all principal, interest and other amounts owed by DIG under the DIG Promissory
Note,” reads an order signed by John Dorsey, the Bankruptcy Judge on the
case.

FTX Pushes on with Asset Recovery

FTX collapsed in November
last year following a liquidation crisis spurred by the discovery of the comingling of funds between the cryptocurrency exchange and its affiliated trading firm, Alameda Research. The troubled exchange subsequently
filed for voluntary proceedings under Chapter 11 of the United States Bankruptcy
Code in the District of Delaware.

In the latest on the case, John
Ray III, the new FTX CEO who took over the restructuring process of the
bankruptcy digital asset company in 2022, noted in a Sunday filing that Alameda
Research was not clear on its positions, not to talk of hedging or accounting
for them, according to a CoinDesk report.

The update on the Alameda Research loan comes amidst
asset recovery efforts by the bankrupt company. Late last month,
cryptocurrency exchange OKX announced that it was preparing to transfer $157 million in frozen assets and accounts linked to FTX and
Alameda Research. The FTX-linked trading firm also recently filed a lawsuit against Grayscale in a bid to recover $250 million for its customers
and creditors.

On top of this, FTX recently
agreed to sell its preferred shares in Mystern Labs at a loss for $95 million. This came as bankruptcy lawyers ramp up efforts
to shore up funds to compensate the customers of the failed crypto exchange.

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This article was written by Solomon Oladipupo at www.financemagnates.com.

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